Wolfe Research analyst Darrin Peller downgraded Remitly Global to Peer Perform from Outperform without a price target. The company’s valuation is now inline with peers and reflective of its strong fundamentals, the analyst tells investors in a research note. The firm remains "encouraged" by Remitly’s focus on more profitable growth in 2023, but after a 45% rally year-to-date, it is moving to the sidelines. It sees a fair value range of $15 to $20 per share.
Published first on TheFly
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